Australian stocks climbed 107 points, or 1.3%, to 8,486 in Wednesday morning trade, extending gains for a second session amid a rally in U.S. equity futures. Sentiment was buoyed by reports that Washington, via Pakistan, had sent Iran a 15-point plan to end the Middle East conflict, with regional mediators awaiting Tehran’s response ahead of possible high-level talks Thursday. However, caution prevailed before the release of Australia’s inflation data for February later today, after January’s reading held at 3.8% for a second month, above the Reserve Bank’s target and market forecasts. Most sectors advanced, led by non-energy minerals, logistics, consumers, and transport. Rio Tinto rose 1.7% after striking a deal to keep its Boyne aluminum smelter open, shifting toward renewable power to offset rising fossil fuel costs. Other notable movers included Evolution Mining (5.9%), Lynas Rare Earth (2.5%), BHP Group (2.3%), and Macquarie Group (2.1%).
